I consolidated my student loans through sallie mae several years ago (before the great interest rate reduction). i can't reconsolidate. is there anything else i can do to lower my payments?
Old Student Loan; Old Consolidation; High Interest; High Payment; No OUT?
It is not uncommon to ask this question; quite often, when dealing with clients who have consolidated in the past, they call back and wonder if they can loan their interest rate by reconsolidating their existing Federal Student Loan Consolidation. Once you have consolidated your Federal Student Loans you cannot reconsolidate them to lower your interest rate. That is one aspect of Federal Student Loans that differs greatly from other types of consolidation programs (mortgage, debt consolidation).
The only way that you could reconsolidate your existing Federal Student Loan Consolidation would be if you have taken out Federal Student Loans after you had done your existing Consolidation. Keep in mind that if you are able to do this, the new Consolidation rate will be based on a weighted average.
Another option you have would be to contact Sallie Mae and inquire if they have any borrower benefits that you are not taking advantage of. Borrower benefits are standard with any Federal Student Loan Consolidation. For more information on weighted average and borrower benefits see the source below. Good luck!
Old Student Loan; Old Consolidation; High Interest; High Payment; No OUT?
You can't really do anything about the interest rate unless you consolidate a second batch of loans (say from a grad program). As for reducing your payments, you should contact the lender to see if there any plans for which you may qualify that will reduce your payments. Most lenders offer income sensitive payment plans that increase as you make more money.
No comments:
Post a Comment